CLAIRE COUTINHO: Why there are brighter days forward for the financial system
Inflation back down to normal. The fastest economic growth for two years. Energy price cap down 60 per cent since its peak.
I know the past few years have been incredibly tough for families, and one of the biggest drains on your pocket has been the spike in global energy prices caused by Vladimir Putin.
But now, prices are moving in the right direction and there are brighter days ahead. The average family’s energy bill will be £500 less this year than last, and today I’m taking bold action to put consumers first – just as this Conservative government did when we stepped in to pay half the average family’s energy bill last winter.
Our clear plan to put consumers first will do three things: boost consumer choice, strengthen customer protection, and make energy deals more competitive.
We will give you the power to find the best deal by giving you a heads up when energy prices are about to change – preventing you locking into a more expensive deal just before prices fall.
Secretary of State for Energy Security and Net Zero, Claire Coutinho, during a Q&A session after her keynote speech at the Energy Transitions Conference at Chatham House in March 2024
Claire Coutinho appears on an episode of TV show Peston
To do this, we must also open up the energy market. We’re working with Ofgem to make it easier for families to compare the customer service records of energy suppliers and help them choose one that suits their needs.
We’re also setting out new rules so that customers know they can trust advice they get from price comparison sites. This is on top of our work to crack down on rogue energy brokers who have been imposing hidden fees or bullying sales tactics on businesses.
But, frankly, none of this matters if families are still paying too much for their energy. I am sending a clear message to Ofgem that they must respond to their review of standing charges quickly, and standing charges must be kept as low as possible.
Energy suppliers also need to do more when it comes to smart meters. Smart meters can help families save around £40 a year and open the door to our tariff reforms which could save families up to £900 a year – but that’s only the case if they’re working properly.
Our new code of practice will make sure suppliers follow a gold standard in fixing smart meters when they go wrong.
In this election, Mail readers can rest assured that the Conservative Party will always prioritise your bills in decisions we make on energy.
Secretary of State for Energy Claire Coutinho leaves a Cabinet meeting on May 14
Your choice on 4th July will be a Conservative Party taking a realistic approach for a secure future that’s better for you and your family.
Giving people extra time to make changes to their cars or boilers, and not lumping families with unnecessary bills they cannot afford.
The alternative? Handing Labour and Ed Miliband control of your energy bill – along with his plans to pursue dangerous and expensive eco-targets that no other country is aiming for.
He wants to decarbonise the entire electricity grid in just six years’ time. The only way he’ll be able to do it is to raise your taxes, hike your bills, or saddle your children with debt. After the progress we have made to get the economy back on its feet, that is the last thing this country needs.
